Owning an apartment can be an exhilarating opportunity, especially luxury Manhattan apartments. However, before you sign, it’s important to understand that there are usually hidden costs associated with these living spaces. You need to know about them so that you ensure you have enough money each month to pay everything on time.
Energy Bills
Most people don’t realize that high ceilings and well-lit rooms means higher energy bills. High ceilings cost more to heat/cool and can cost more electricity to light it at night. Costs can be lower if you have an energy-efficient apartment.
Gardening
Condo buildings with private gardens are a huge selling point in areas like New York because everyone wants a little piece of tranquility in their busy lives. If the garden is considered common ground, the cost of upkeep will be shared by all living there, but if it is on your patio, you may be responsible.
Tips
It is customary to tip those that help you. If you go to a hotel, you typically tip those who offer you services, which are still true in an apartment building, especially in large cities. This can include holiday bonuses for managers and superintendents, doormen, parking attendants, elevator operators, porters and concierge.
Dog Fees
Many times, congested cities like San Francisco or New York will allow pets in their condos, but will also require you to pay a monthly or yearly fee to keep them. This doesn’t include walking or grooming, either.
Amenities
Luxury apartments are all about amenities and finding one with everything you want is usually great. However, make sure you will use the facilities you have available because you’re likely to pay for them whether you use them or not.
Move-In
Most condo or apartment buildings require a move-in fee, even in luxurious accommodations. Therefore, you’ll need to pay them money up front before moving in, which is on top of hiring movers.
Insurance
Most people don’t consider home insurance, especially if they buy an apartment or condo, but you want to keep your stuff safe from damage or theft, no matter where you live. Landlords or building owners will also carry insurance, but it won’t cover your items.
Storage
Storage is an amenity offered by many buildings, but you may be required to pay for this service. Therefore, it’s a good idea to find out if storage facilities are offered and included in your asking price.
Luxury Manhattan apartments offer a luxurious living that most people can only dream of, but it’s important to know the full price of what you’re getting.
